"21 May 2009" Archive

Circular No. 888/08/2009-Central Excise, Dated: 21.05.2009

Circular No. 888/08/2009- Central Excise (21/05/2009)

I may invite your attention to the Supreme Court's Larger Bench judgement in the case of Commissioner of Customs & Central Excise Vs. Hongo India Pvt. Ltd. [2009 (236) E.L.T 417 (S.C)] wherein it has been held that the High Court has no power to condone the delay in filing the "reference application" filed by the Commissioner under unamen...

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Income Tax Return (ITR) Filing Procedure for A.Y. 2009-10

ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest Chargeable to income-tax under the head Income from other sources; (ii) ITR-2 return of income for Individuals and Hindu Undivided Families (HUFs) not having any income under the head P...

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Posted Under: Excise Duty |

New TDS and TCS payment and information reporting system

Circular No. 02/2009-Income tax (21/05/2009)

CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The advance tax and self assessment tax is p...

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Comparison between Insurance linked Plan, New Pension Plan, EPF and PPF

The Government has now opened up its New Pension scheme to all between the ages of 18 and 55. It promises returns of over 14 per cent and offers the lowest fund management charges in the world. This is particularly relevant if you are employed with a private firm and have no existing pension benefits. […]...

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Posted Under: Excise Duty |

Circular No. 889/09/2009- Central Excise, Dated: 21.05.2009

Circular No. 889/09/2009- Central Excise (21/05/2009)

The Hon'ble Supreme Court in the case of Union of India Vs. Dharmendra Textile Processors and other enjoined matters 2008 (231) E.L.T. 3 (S.C.) by its pronouncement of the rule has laid the question of applicability of equal penalty under Section 11AC of the Central Excise Act, 1944 at rest. It has categorically opined that the penalty ...

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SEBI not obliged to obtain information from exchanges for sharing with the public under RTI

Market regulator SEBI on Friday said it is not obliged to obtain information from stock exchanges for sharing it with the public under the Right to Information Act. “SEBI Act gives powers to SEBI to obtain information for certain purposes and not for obtaining such information from the exchange for the sole purpose of providing...

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Posted Under: Excise Duty |

Notification on Service Tax Exemption to taxable services consumed within Special Economic Zones

Through Notification No. 9/2009 – ST dated March 3, 2009, the Central Government had provided for an exemption from service tax by way of refund in respect of taxable services in relation to authorized operations that are received by a developer of or a unit in a Special Economic Zone (SEZ). The same has now been amended by a Notificati...

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Posted Under: Excise Duty |

Circular No. 3/2009-Income Tax Dated 21/05/2009

Circular No. 3/2009-Income Tax (21/05/2009)

Circular No. 3/2009-Income Tax ...

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IT dept. in delhi recovered 860 Crore in search, seizure and survey

Search and seizure operations by the revenue authorities have forced tax evaders in the national capital to cave in and admit that they owe the government more than Rs 860 crore (Rs 8.6 billion) for the last fiscal. According to an official report of the department, taxmen carried out search, seizure and survey operations in nearly [&hel...

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Posted Under: Excise Duty |

India better placed to face the economic slowdown

Smaller countries with population of less than 30 million are better placed to face the economic slowdown and benefit quicker from any recovery, indicates a ‘stress test’ conducted by the international business school IMD to supplement its annual IMD World Competitiveness Yearbook 2009. The stress test finding, favouring small...

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Posted Under: Excise Duty |